To start mix the cream cheese and the french onion until the cream cheese is soft. I did this by hand but if you use a mixer it should take all of thirty seconds.
Combine the sparkling liquid/wine into the mixture. These will add a hint of sweet to the cheese ball. The mixture should be slightly runny, but it's fine. Add the shredded cheese and mix until the cheese is incorporated into the mix.

Form into a ball and garnish with walnunts. This is what mine looked like:

Yes, I know, it's shot from an iPhone. I didn't have my digital camera handy.

Before you garnish it you should let it stand for roughly an hour so it will thicken up.